Is The Price Cap On Russian Crude Working?

The price caps on Russian crude oil and refined products appear to be working, analysts and U.S. officials say.   Russian crude is still flowing to the global markets, but buyers are paying much lower prices for Russia’s crude, which shrinks Putin’s revenues from oil exports, the mainstay of his budget. That’s essentially the dual purpose of the price cap on crude as intended by the U.S. Administration—keep the oil market well supplied and reduce revenues for Russia.   Russia’s oil production and…